FTB Mortgage - 2 applications on work probation.

Sara_c_g

Hello there,

I wonder could some nice person give me a bit of advice?!
My boyfriend and I have had an offer accepted on Thursday for a house for £180k. We have a 10% deposit and cash for stamp duty + fees etc.and thought the mortage application process would be straightforward enough as we had told the Northern bank advisor at our first meeting a month ago that we both had started new jobs within the last month and are on probation periods for 6 months but today he said that the credit dept have a problem with this. Our combine income is £47.5k and my parents said they would go guarentor but that will not do as he says they need to have their names on the mortgage with us. The problem is that because the term of the mortgage would go well beyond their retirement age the bank need proof of their pension. The problem is that they have no pension provisions - just two properties paid off in full worth around £400k together.
Has anyone else had any similar issues and if so, how did you get round this?
I am panicking slightly as one of the conditions of the sale is that we complete ASAP so I am scared the vendor might back out if the process is held up for weeks because of this!

Thanks in advance :-)

Sara

herbiesjp

Your income amount is not a problem - so guarantor not needed

The problem is that not all lenders will agree a mortgage whilst on probation.

You will need to get advice as to which ones will agree the mortgage for you - iof you need to complete asap I would suggest going via a whole of market adviser as they will be able to find a lender whose criteria you fit and submit the application on-line in order to speed up the whole process

Sara_c_g

Thank you - yes I think we will just go elsewhere. I feel the Northern Bank should have told us all this when we went for our intial appointment over a month ago and then I wouldnt have wasted so much time meeting with them on 2 occasions.
I just don't want to loose the house!
Cheers :beer: